Which type of estate can be lost if a specific event occurs?

A qualified fee estate, also known as a fee simple subject to a condition subsequent or a fee simple determinable, is a type of property ownership that can be lost if a specific event occurs. This ownership is characterized by conditions or limitations attached to the property, meaning that the estate exists as long as certain conditions are met. If those conditions are violated or the specified event occurs, the grantor (the person who transferred the property) has the right to reclaim the property, effectively terminating the estate.

For instance, if a property is conveyed to a new owner with the stipulation that it must be used for educational purposes, and that purpose ceases, the qualified fee estate would terminate, allowing the original owner to regain control of the property.

In contrast, a fee simple absolute represents the highest form of property ownership with no conditions attached, ensuring that the owner holds the estate permanently and without worry of forfeiture due to events. A life estate lasts only for the life of a specified individual, which can lead to a reversion or remainder interest, but not for a conditional event. Life tenancy, while closely related to life estates, does not entail the loss of property due to specified events but rather ends upon the death of the tenant.